house next week to build consensus. >> reporter: earlier in the day, speaker john boehner also sounded a kumbaya theme. >> i am proposing a fiscal cliff together to be averted >> reporter: that gets its name, because at the end of the year if congress does nothing, bush taxes expire, the payroll tax cut expires, emergency unemployment benefits end and $984 billion in automatic cuts and defense and domestic budgets are triggered. they estimate that would cause the economy to take a significant hit, raising unemployment to 9.1% by the end of next year. but the real political sticking point is taxes. the president called on congress to make tax cuts for people making less than $200,000, and making less than $250,000, and drew a line in the sand. >> i refuse to accept any approach that is not balanced. and on tuesday night, we found out the majority of americans agree with my approach. >> reporter: the president was referring to the tuesday exit poll which indicated nearly 60% of voters would support higher taxes on the wealthy.çó and while john boehner hinted at some taxes going up, he

on the wealthy. and while john boehner hinted ar some taxes going up, he also listed some conditions. >> and it is not like there is a money in social security or medicare, this has to be dealt with, so everything, everything on the revenue side and on the s spending side has to be looked at. >> reporter: now brian, the sid white house says that social security shouldn't be a part of these negotiations. but i can tell you, republicans won't participate if social security is not. >> all right, chuck todd in the white house, thank you. >>> there is a video of president obama getting wide circulation. it shows him tearfully addressing campaign staff at io headquarters in chicago, at the end of a long and grueling campaign. he tells the young staffers they are better than he was at their age. he tells them their experience s will send them on their way for life. >> what you guys have done, the work that i'm doing, i am really proud of that.in i am really proud of all of you. and -- and what you have just done? well, not allowing much time for sentiment or reflection, the president woke

of whom live in hollywood. >> reporter: but house speaker john boehner rejects any hike in tax rates. instead he would close loopholes in the tax code. >> raising tax rates will slow down our ability to create the jobs that everyone says they want. >> reporter: failure to agree by the end of the year would trigger a combination of deep spending cuts and expiring tax cuts. that could mean an estimated $2,000 more in taxes next year for the typical household. the jobless rate soaring to 9.1% by the end of the year. and possibly another recession. boehner and the president were close to a deal last year. the so-called grand bargain. $4 trillion in debt reduction including politically sensitive changes to social security and medicare. many think that blueprint still works. >> and the real problem is uncontrolled entitlement spending and a government that has grown massively. not just under this administration, under republican administration. >> reporter: experts warn of serious damage to the economy if the standoff drags on. >> if three or four weeks from now they're making no progress

of the house, john boehner, summoned reporters, gave a formal speech. he used a teleprompter because it was important to get the words right and he had a message to send to the president. kelly o'donnell covers the hill for us, and she is there tonight. kelly, good evening. >> reporter: good evening, brian. quite a conciliatory tone today, and there's new urgency here and we'll all be hearing a lot more of this term fiscal cliff. that is the danger of another recession unless congress acts before the new year. that's when taxes go up as the bush era rates expire, the payroll tax back up to its normal rate after a two-year break, and a big across-the-board unless washington does something about the long-term deficit. today congressional leaders started their public negotiations. >> i want to work together, but i want everyone to also understand you can't push us around. >> mr. president, this is your moment. we're ready to be led. not as democrats or republicans but as americans. we want you to lead. >> reporter: there are differenting solutions. democrats say they want higher taxes o

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